Institutional Presentation March 2017

InstitutionalPresentation

March 2017

This information is property of Wilson Sons and can not be used or reproduced without written permission

Disclaimer

This presentation contains statements that may constitute “forward-looking statements”, based on

current opinions, expectations and projections about future events. Such statements are also based on

assumptions and analysis made by Wilson, Sons and are subject to market conditions which are

beyond the Company’s control.

Important factors which may lead to significant differences between real results and these forward-

looking statements are: national and international economic conditions; technology; financial market

conditions; uncertainties regarding results in the Company’s future operations, its plans, objectives,

expectations, intentions; and other factors described in the section entitled "Risk Factors“, available in

the Company’s Prospectus, filed with the Brazilian Securities and Exchange Commission (CVM).

The Company’s operating and financial results, as presented on the following slides, were prepared in

conformity with International Financial Reporting Standards (IFRS), except as otherwise expressly

indicated. An independent auditors’ review report is an integral part of the Company’s condensed

consolidated financial statements.

2


Wilson Sons at a Glance

3

7.14

4.68

3.18

2.37 *

1.80 *1.53 *

0.69 *

2010 2011 2012 2013 2014 2015 2016

GROUP WS: 2010 - 2016² LOST TIME INJURY FREQUENCY RATE (LTIF)

LTIF EMPLOYEES ANDCONTRACTORS *Includesemployees and contractorssince 2013

2010-2016

90%



4

Renewal of the Container Terminal

concession in Salvador, acquisition

of 6 tugboats of Vale. Start of

operations in Santa Clara Terminal

Walter Salomon executes swap whereby

shareholders of Ocean Wilsons Holdings Ltd

receiving non-voting shares in Scottish and

Mercantile Investment Trust which is today Hansa

Trust PLC.

1958

2016


Head Office

Terminals

Towage

Offshore

Logistics

Agency

Shipyards

International & Domestic Trade Flow

76% of Client Exposure

Oil & Gas

24% of Client Exposure

* Based on 2015

revenues including JV’s

EBITDA*CAGR of 12.2%

* Including Offshore

Support Vessels JV

47.9

121.4

191.0

2004

2010

2016FMM*; 68%

Others; 32%

* FMM = Merchant Marine Fund

(Fundo da Marinha Mercante)

3.1% Weighted Avg.

Borrowing Rate in 2015

Including Offshore

Support Vessels JV


5

Trade Flow Drivers


The Brazilian Trading and Port ActivitiesConsistent Growth in Port Activities with Superior Growth of Container Handling Volumes

7

Total Port Handling Volume (million tons)

Source: ANTAQ

302336

370 393 416457 460

433

505543 554 569 590

633 629

163

162

167164

176

195 196198

210

212217

219232

226 217

35

42

5055

63

68 7365

75

8487

97

101

100100

29

31

3438

38

35 39

37

44

4645

44

46

49 51

529

571

621650

693

755 768733

834

885903

929

969

1.008 997

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Solid Bulk Liquid Bulk Container General Cargo

+4,6%

CAGR

02-16

4,1%

7,8%

2,1%

5,4%


Brazilian Container Terminal MarketAfter Challenging Economic Periods, Container Volume Demonstrated Rapid Growth

8

Total Container Volume and GDP Growth (mTEU; %)

Source: Datamar; Brazilian Central Bank; IBGE; Bradesco

0,8 1,1 1,5

2,4 2,53,1

3,8

4,5

5,76,1

6,66,9

6,1

7,47,9

8,69,2 9,4 9,3

8,9

3,4%

0,3% 0,5%

4,4%

1,4%3,1%

1,1%

5,8%

3,2% 4,0%

6,1%5,1%

(0,1%)

7,5%

3,9%1,9%

3,0%

0,1%

(3,9%) (3,6%)

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Container Volume GDP Real Growth

Fast ContainerizationCAGR: 14,6%

Global Crisis(10,9%)

Fast RecoveryCAGR: 13,6%

Steady GrowthCAGR: 6,0% Crisis (2,7%)

PrivatizationCAGR: 29,6%

GDP 2017(1): +0,3%


Brazilian Container Terminal MarketStrong Drivers Supporting Enormous Growth Potential

Container Density (TEU per '000 people)Source: World Bank (as of 2014)

742

472

321

316

279

243

211

163

146

145

133

122

94

73

72

65

58

52

42

41

27

Netherlands

South Korea

Australia

Spain

High Income Countries

Germany

Chile

Japan

United States

United Kingdom

China

Thailand

World Average

LatAm & Caribbean

Peru

Colombia

Emerging Countries

Brazil

Mexico

Argentina

Russia

Significant

growth potential

Containerization Potential (Million TEU)Source: ILOS; BNDES; Wilson Sons’ analysis (estimated)

Relevant Containerization Potential

ActualThroughput

ContainerizationPotential

PotentialThroughput

+ 0.9 - 1.2

9.3 10.2 - 10.5

35%

20%

20%

15%

10%

Containerization Potential Breakdown(% of containerization potential)

Food Grains

Steel Products

Sugar

Fertilizers

Other

9


Main Brazilian Container PortsAlthough market contracted due to economic scenario in 2015 individual ports have grown

Santos + SSO

Rio + IGI

Paranaguá

Itapoá + SFS

Itajaí + NVT

Rio Grande

Manaus

Suape + REC

Salvador

Vitória

Imbituba

Pecém + FOR

Total containers handled by port, excluding shifting (kTEU)Source: Datamar

3.686

1.086

760

679

558

685

630

428

284

284

226

42

3.774

984

776

726

602

581

554

409

287

256

177

30

Santos + SSO

Itajaí + NVT

Paranaguá

Rio Grande

Itapoá + SFS

Rio + IGI

Manaus

Suape + REC

Salvador

Pecém + FOR

Vitória

Imbituba

2014 2015

+2%

-9%

+2%

+7%

+8%

-15%

-12%

-4%

+1%

-10%

-22%

-28%

2015 North Northeast Southeast South

% of Population 8% 28% 42% 14%

% of GDP 5% 14% 55% 16%

% Volume of

Container (TEU)8% 11% 48% 33%

Brazil: -2.1%

10

Oil & Gas Drivers


Source: Petrobras

Oil & Gas Industry in Brazil

12

The Lula field and the production tests in the pre-salt offset production declines in the Campos Basin.


3 1541

119

169

302

492

767

1020

2008 2009 2010 2011 2012 2013 2014 2015 2016


Pre-salt fields already contribute close to 48% of total

2016 oil production

Lifting Cost in Pre-Salt < 8.0 US$/boe is highly

competitive production

Petrobras Pre-Salt Oil Production (k bpd)Source: Petrobras

13


Platform Supply Vessels (PSVs) in BrazilSource: ABEAM


68

75

87

94

101

108

134

55

104

88

99

106

63

19

2010 2011 2012 2013 2014 2015 Nov/2016

National flag

Foreign flag

14

Our Business


Container Terminals

Tecon Rio Grande

1,029.8kTEU handled

(2016 Tecon RG + Tecon SSA)

1,730kTEU capacity

(Tecon RG + Tecon SSA)

US$148MNet Revenues

(32% of 2016 Total Revenues)

Rio Grande do Sul


Tecon Rio Grande at a glance

Container Volume, by Shipping Line: 2015¹ (% of TEU)Source: Datamar

Container Volume, by Destination: 2015¹ (% of TEU)Source: Datamar

Container Volume, by Top Cargoes: 2015 (% of TEU)Source: Wilson Sons

NEUR2L

FEAS3L

MED1L

ECSA4L

USGC1L

ECNA2L

WCSA1L

Regular Shipping Line Services, by DestinationSource: Datamar (Jun/2016)

28%

20%20%

14%

8%

10%

Far East

North EuropeMediterranean

M. Gulf / Caribbean

Others

East Coast / North America

22%

21%

19%

16%

8%

13%

Others

Hapag-Lloyd

MSC

Maersk Line

CMA CGM

Hamburg Süd

17

12%

9%

8%

6%

4%

4%3%3%3%2%

47%Others

Resins

Tobacco

Rice

Frozen chicken

ChemicalsParts & Pieces

CelluloseMachines

FoodFresh Fruits

Note¹: Considers only long-haul shipping and full containers loaded


Container Terminals

Tecon Salvador

Bahia

Tecon Salvador at a glance

Container Volume, by Destination: 2015¹ (% of TEU)Source: Datamar

28%

18%

18%

15%

12%

9%

Far East

North Europe

Mediterranean

M. Gulf / Caribbean

East Coast / North America

Others

Container Volume, by Shipping Line: 2015¹ (% of TEU)Source: Datamar

34%

29%

12%

9%

9%

6%

Others

MSC

Hamburg Süd

Maersk Line

Hapag-Lloyd

CMA CGM

Container Volume, by Top Cargoes: 2015 (% of TEU)Source: Wilson Sons

NEUR1L

MED1L

ECSA2L

USGC2L

ECNA2L

Regular Shipping Line Services, by DestinationSource: Datamar (Jun 2016)

19

11%

11%

11%

5%

5%5%4%4%

3%

41%

Note¹: Considers only long-haul shipping and full containers loaded

Polymers

Cellulose & Paper

Ores

Chemical &

Petrochemical

Steel & Metallurgy

Parts & EquipmentRiceTiresFruits

Others


Tecon Salvador - Expansion Timeline

20


Expansion Phase 2

Leveling and paving an existing 28.160 sqm backyard area;

Total gross investment of R$ 28.7M;

Phase construction limit by 2030.

Tecon Salvador - Expansion Project PhasesPhase 1 Description

423m quay extension, with a total length of

800m after expansion;

Acquisition of 3 STSs (Ship-to-shore Gantry

Cranes), Super Post-Panamax type;

Total gross investment of R$ 255.4 M;

Phase construction expected to commence

nine months from the Amendment signature

and complete by 24 months after the

commencement of the works.

Expansion Phase 1

Expansion Phase 3

Landfill and paving of an additional 88.803 sqm backyard area;

Total gross investment of R$ 114.4M;

Phase construction limit by 2034

Capacity at the end of Phase 3: 925k TEUs.

21


Towage

Phoenix – Feb 13

US$206MNet Revenues

(45% of 2016 Total Revenues)

58,376kManoeuvres

(2016)

64.2Avg. Dwt Attended

(2016)

76Operational Fleet

(As of Dec 16)


Brazilian Towage MarketPrincipal Players

Tugboats Throughout Brazilian PortsAs of December/2015

Towage

• Largest fleet in Brazil, approx. 50% share of harbour manoeuvres, operating in all major ports of Brazil

• Policy priority to Brazilian flag vessels

• Long-term and low-cost funding available from the FMM (Fundo da Marinha Mercante)

North

8 tugboats

Northeast

28 tugboats

Southeast

26 tugboats

South

13 tugboats

73

12

53,3

30

44

8

51,5

13

30

12

48,8

4

20

17

39,2

8

Fle

et

Avera

ge A

ge

Avera

ge P

ow

er

# P

ort

s A

tten

ded

WS

Competidor (1)

Competidor (2)

Competidor (3)

73

12

53,3

30

44

8

51,5

13

30

12

48,8

4

20

17

39,2

8

Fle

et

Avera

ge A

ge

Avera

ge P

ow

er

# P

ort

s A

tten

ded

WS

Competidor (1)

Competidor (2)

Competidor (3)

73

12

53,3

30

44

8

51,5

13

30

12

48,8

4

20

17

39,2

8

Fle

et

Avera

ge A

ge

Avera

ge P

ow

er

# P

ort

s A

tten

ded

WS

Competidor (1)

Competidor (2)

Competidor (3)

75

12

51.9

30

44

8

51.5

13

30

12

48.8

4

20

17

39.2

8

Fle

et

Av

era

ge

Ag

eA

vera

ge

Po

we

r# P

ort

s A

tte

nd

ed

WS

Competidor (1)

Competidor (2)

Competidor (3)

75

12

52.5

30

44

8

51.5

13

30

12

48.8

4

20

17

39.8

8

Fle

et

Av

era

ge A

ge

Av

era

ge P

ow

er

# P

ort

s A

tte

nd

ed

WS

Competidor (1)

Competidor (2)

Competidor (3)

23

24


Offshore Support Vessels

PSV Alcatraz – Apr/14

US$71MNet Revenues

(2016)

23 PSVsOperational Fleet

(As of April 17)

6,428kDays in Operation

(2016)

US$ 22,773Average Gross Daily Rate

(As of Dec 16)



• Policy priority for Brazilian flag vessels

• Long-term and low-cost funding available from the FMM (Fundo da Marinha Mercante)

• Wilson Sons 100%-owned shipyard is a key competitive advantage

Ostreiro

2016 2017 2018 2019 2020 2021 2027 2028 2029

Mandrião

Cormoran Jan/15 2 years

Gaivota Mar/16 2 years

Albatroz Jan/16 2 years

Biguá Feb/10 8+0.5 years

Pelicano Jun/10 8+0.5 years

Atoba Jun/10 8+0.5 years

Petrel Jun/10 8+0.5 years

Skua Jun/10 8+0.5 years

Fulmar Jun/10 8+0.5 years

Talha-Mar Mar/11 8+0.5 years

Torda Oct/11 8+0.5 years

Sterna Mar/12 8+8 years

Batuíra Aug/12 8+8 years

Tagaz Mar/13 8+8 years

Prion Oct/13 8+8 years

Alcatraz Nov/13 8+8 years

Zarapito Apr/14 8+8 years

Vessel Start Date Contract

Pardela

Larus

Pinguim

Jul/16 6+6 years

Nov/16 6+6 years

Foreign Flag Vessel / In Brazilian Special Registry

In Contract (Petrobras)

Contract Option

Spot Market

Fragata Dec/15 2 years

25

Financial Highlights

This information is property of Wilson Sons and can not be used or reproduced without written permission 27

Wilson Sons’ Financial Highlights

Capital Expenditures (US$ M)Source: Wilson Sons

EBITDA by Business - Proforma: 2016 (%)Source: Wilson Sons

EBITDA - Proforma (US$ M)Source: Wilson Sons

Net Revenues - Proforma (US$ M)Source: Wilson Sons

211.2278.0

325.7

393.3

476.7 439.8547.6

656.6 610.4 660.1 633.5

508.9457.2

6.5

7.2

8.4

10.7

21.638.1

28.0

41.4

47.0

54.4 76.8

71.0

70.9

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Net Revenues (IFRS)

Net Revenues (Offshore)

217.7

285.2

334.1

404.0

498.3477.9

575.6

657.4

698.0 714.5 710.3

579.9

528.0

43.9 45.7

73.086.9

109.8109.2 108.3

152.0146.3

182.8 160.1

168.1154.2

4.0 3.4

3.2

4.5

12.9 19.213.1

11.3 16.0

23.1

39.240.4

36.8

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

EBITDA (IFRS)

EBITDA (Offshore)

47.9 49.1

76.2

91.4

122.7128.4

121.4

163.3 162.3

205.9199.3

208.5

191.0

20.235.4 26.6

59.3 69.6

116.3 127.5

226.6

128.7 136.9111.2

69.9102.4

0.20.8 15.6

39.9 23.9

33.339.2

36.3

55.5 49.0

15.3

47.7

22.8

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

CAPEX (IFRS)

CAPEX (Offshore)

20.436.2 42.2

99.2 93.5

149.6

166.7

262.9

184.2 185.9

126.5117.6

125.2 Towage49%

Container Terminals

29%


17%

Others5%


Distribution to Shareholders – Dividend Policy 50% of Net Profit US$ M

Estimate Only

Capital Expenditures (US$ M) Briclog Acquisition, Guarujá II Shipyard, Tecon Salvador Expansion Towage and offshore vessel fleet Renewal and Capacity Increases and 3rd berth at

Tecon Rio Grande

CAPEX & Dividends

From 2012 Offshore Support Vessel JV CAPEX is not consolidated for IFRS. 2015 Budget using USD:BRL exchange rate 3.03

Investment Cycle: more than USD 1B

CAGR:

12.5%

1.72% 3.27% 2.67% 1.30% 1.61% 2.02%

* Dividend Yield: Amount paid per BDR / Closing value of the share on the date of payment

2.52% 4.40%Dividend Yield Since IPO 5.71%

28** Considering the value of the share price at 16 Mar 2017

8.0 8.8 7.6 8.0

16.0 16.0

22.6

18.1 18.1 18.1

27.0 29.0

35.6 36.9

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

4.8**%

20.2 35.4 26.659.3 69.6 116.3 127.5 226.6 128.7 136.9 111.2 69.9 102.4

63/680.20.8 15.6

39.9 23.9

33.3 39.2

36.3

55.5 49.0

15.3

47.7

22.8

11/12

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Wilson Sons CAPEX

Offshore Vessels JV CAPEX

126.5

185.9

262.9

149.6

93.5

42.236.220.4

184.2

166.7

99.2117.6 125.2

74/80


42.9 41.7 41.938.5

27.422.1 20.2 17.9 17.2 17.2 17.2 17.0 14.6

9.4 7.5 6.2 4.3 2.3 0.9 0.3 -

17.7 17.4 17.2 22.3

18.1

18.1 18.1

19.417.3 15.5 15.5 14.5

13.9

10.810.8 10.8

8.3

3.6 2.2 2.2-

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

IFRS: USD 366.48

Offshore Support Vessels: USD 273.78

Debt Maturity Schedule (Including Offshore Vessels JV) US$ Million (as of Dec 2015) @PTAX 3.90

Net Debt/EBITDA(as of Dec 2016)

Debt Profile(as of Dec 2016)

Debt Profile

91.9%

8.1%

86.5%

13.5%

32.3%

67.7%

CURRENCY

Denominated in USD

Denominated in BRL

MATURITY

Long Term

Short Term

SOURCEOthers

FMM

95.2%

4.8%

89.3%

10.7%

21.5%

78.5%

IFRS

With Offshore

Vessel (50%)

Notes: (*) 2016 refers to budget29

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

0.0 x

0.6 x

1.4 x

2.2 x

2.8 x

2.4 x

2.6 x

2.8 x

1.8 x 1.4 x 1.7 x

2.4 x

1.4 x


Management Alignment

Management: Stock Options for top management subsisting grant

2,949,000

Remuneration program for Executive based on net profit and dividend

payout

Remuneration program for managers and employees - EBITDA and/or

EBIT

Individual performance plans: clear goals and meritocracy based on 9

in Box

Business Managers with specific HSSE goals

Employees own 62,736 BDR´s at 31/12/2016

Corporate Governance

Returns, Governance & Management Alignment

53%

100% TAG ALONG for all minority shareholders

One class of share with equal voting rights

Free-float more than 25% of total capital

Audit Committee

Estimated (Proforma) Revenue, Costs and EBITDA(Year ended Dec 15)

Minimum 20% of the members of our board of directors must be

independent directors

85%

48%

15%

52%

EBITDA

Costs

Revenue

R$ Source/Denominated

US$ Source/Denominated

30

Shareholding structure

Ocean Wilsons

Holdings LimitedFree Float

58.25% 41.75%

Bermuda

Brazil

PORT & LOGISTICS SERVICES MARITIME SERVICES

Terminals Logistics Towage Offshore

Support

Vessels

Shipyards Agency


Investment Considerations

Outstanding

Assets

Integrated resilient

bussiness

Strength of

Credibility

Financial Strength

Commitment to

Safety

One of the largest port, maritime and logistics operators in Brazil;

Wilson Sons enjoys an unparalleled geographical reach throughout Brazil;

Leading volume capacity, superior infrastructure and efficiency;

179 years of experience highlights Wilson Sons’ solid operational know how, reputation and

credibility;

Experienced and innovative management team;

Integration and multiple synergies among its businesses;

Solid customer relationships with a diverse and strong customer base;

Investments largely financed with low cost by long-term resources;

Capex reducing after investing more than US$1 Billion since IPO in 2007;

High profitability and financial strength.

Continuing development of the culture of safety is a priority;

The Lost Time Injury Frequency has decreased 87% since 2009;

31


Investor Relations Contact Info

BM&FBovespa: WSON33

IR website: www.wilsonsons.com/ir

Twitter: @WilsonSonsIR

Youtube Channel: WilsonSonsIR

Facebook: Wilson, Sons

Michael Connell

IRO, International Finance & Finance Projects

[email protected]

+55 (21) 2126-4107

Isabela Motta

Investor Relations

[email protected]

+55 (21) 2126-4135

Júlia Ornellas

Investor Relations

[email protected]

+55 (21) 2126-4293

http://www.wilsonsons.com.br/ir


